Hanbell(SZ:002158) Dongxing Securities·2025-09-26 06:11Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Views - The company is expected to face short-term pressure on performance but is anticipated to reach a turning point [3][5]. - The collaboration between Nvidia and OpenAI, involving a significant investment of up to $100 billion, is likely to enhance the demand for the company's magnetic levitation compressors, particularly in data centers [3]. - The semiconductor vacuum pump segment is projected to benefit from the overall development of China's integrated circuit industry, helping the company to narrow the gap with international leaders [4]. - The photovoltaic industry is expected to see a bottoming out of capital expenditures, which will drive sales of the company's photovoltaic vacuum pumps [5]. Financial Forecasts - The company’s net profit is projected to be CNY 641.90 million, CNY 742.62 million, and CNY 858.76 million for the years 2025, 2026, and 2027 respectively, with corresponding EPS of CNY 1.20, CNY 1.39, and CNY 1.61 [5][7]. - The current stock price corresponds to PE ratios of 22.53, 19.48, and 16.84 for the years 2025, 2026, and 2027 respectively [5][7]. Company Overview - Shanghai Hanzhong Precision Machinery Co., Ltd. specializes in the research, development, production, and sales of screw compressors and vacuum pumps, with a total of 240 patents, including 35 invention patents [8].